Why Bitcoin Needs Miners?

People send bitcoins frequently over the blockchain, which acts as the bitcoin network. For example, Joe may purchase a DVD player from Bob for an agreed price, but there must be a way to record and validate the transaction. The network completes the tasks by collecting all transactional data created within a specific period and placing it on a list, which is also known as a “block.”

A miner’s job is to confirm the accuracy of transactions and write them into a general ledger, where there is a list of all blocks (also known as a “block chain”). As a result, there is a detailed list and confirmation of each transaction that takes place in the network. This data is constantly updated and provided to everyone who participates so they understand what is happening.

Key takeaway: Bitcoin miners are key to the success of this cryptocurrency because they verify transactions, ensuring the integrity of the blockchain network.